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PROPERTY AND EQUIPMENT | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2022 | Dec. 31, 2021
PROPERTY AND EQUIPMENT |  |
PROPERTY AND EQUIPMENT | NOTE 7 - PROPERTY AND EQUIPMENT As of March 31, 2022, property and equipment consists of the following:
March 31, 2022
|  | Gross Carrying Amount |  |  | Accumulated Depreciation |  |  | Net Carrying Amount |  |  | Weighted Average Useful Life (Years) |
Property and equipment: |  |  |  |  |  |  |  |  |  |  |  |
Office equipment |  | $ | 150,915 |  |  | $ | (35,837 | ) |  | $ | 115,078 |  |  |  | 3 |
Leasehold improvement |  |  | 991,848 |  |  |  | - |  |  |  | 991,849 |  |  |  | 5 |
Property and equipment, net |  | $ | 1,142,763 |  |  | $ | (35,837 | ) |  | $ | 1,106,927 |  |  |  |  |
Depreciation expenses of office equipment were $12,793 and nil for the period ended March 31, 2022 and year 2021 respectively as the computer and office equipment were acquired on June 29, 2021. Amortization expenses of leasehold improvement is $nil for the year ended March 31, 2022 as the new office renovation will be completed in April 2022. | NOTE 7 - PROPERTY AND EQUIPMENT As of December 31, 2021, property and equipment consists of the following:
December 31, 2021
|  | Gross Carrying Amount |  |  | Accumulated Depreciation |  |  | Net Carrying Amount |  |  | Weighted Average Useful Life (Years) |
Property and equipment: |  |  |  |  |  |  |  |  |  |  |  |
Office equipment |  | $ | 150,915 |  |  | $ | (23,353 | ) |  | $ | 127,562 |  |  |  | 3 |
Leasehold improvement |  |  | 267,791 |  |  |  | - |  |  |  | 267,791 |  |  |  | 5 |
Property and equipment, net |  | $ | 418,706 |  |  | $ | (23,353 | ) |  | $ | 395,353 |  |  |  |  |
Depreciation expenses of office equipment were $23,353 and nil for the year ended December 31, 2021 and year ended December 31, 2020 respectively as the computer and office equipment were acquired on June 29, 2021. Amortization expenses of leasehold improvement is $nil for the year ended December 31, 2021 as the new office renovation will be completed in April 2022.

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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